The Retail Theft Dilemma: Crisis in the Making?
Retail theft has recently been making significant headlines; in fact, some even describe it as a crisis.
Companies like 塔吉特百货 are indicating that it has become so severe that they are closing nine of their stores throughout the nation, although in reality, they are opening small-format stores right around the corner.
The NRF disclosed an estimated 20% increase in total retail "shrink" last year, amounting to about $18 billion. While that may seem substantial, total retail sales in 2022 exceeded $5 trillion, indicating that theft-related losses accounted for about one-third of one percent.
Let's be honest, retail theft has been a persistent problem for years, but would you classify it as a crisis?
This Week's Retail Rundown:
Retail Industry Question
Price Drops Spark Online Holiday Shopping
The holiday shopping season is almost here, and online sales are set to soar! According to?Adobe Analytics, we can expect a 4.8% YoY increase in US online sales from November to December 31, with $221.8bn in total sales.
That’s great news, and it gets even better - prices online have fallen for 12 months in a row, which is sure to attract even more shoppers this year. From electronics to furniture, groceries to toys, there’s something for everyone online this holiday season. And, for the first time ever, mobile shopping is expected to surpass desktop shopping.
领英推荐
Text To Shop Trendsetters
Authentic Brands Group (ABG) and SPARC are now offering consumers?mobile commerce and shopping experiences?via SMS text. Customers can subscribe to SMS programs that enable access to personalized interactions with ABG brands. ABG brands including Brooks Brothers, Lucky Brand, Juicy Couture, and Nautica are currently offering SMS shopping programs to customers.
Brooks Brothers and Lucky Brand are already seeing successful results with each brand signing up more than 200,000 SMS subscribers, and Brooks Brothers has delivered 152x ROI on its text message marketing program.
Retail Industry Question - Answer
Retail Quote of the Week
It is a well-known fact that bringing in technologies in the retail sector is good for customers.?- N. R. Narayana Murthy
In today’s fast-paced world, the best retailers know that staying ahead means leveraging the latest technology to enhance their performance and offer an unparalleled customer experience.
About First Insight?????
First Insight is the global leader in Voice of the Customer retail solutions, transforming business decision-making through actionable consumer insights and AI. Our platform enables retailers and brands to boost revenues and profitability by informing strategic decisions with consumer data and removing guesswork. Trusted by hundreds of leading retailers, vertically integrated brands, mass merchants, and wholesalers, First Insight leads in optimizing strategy, product, pricing, and marketing decisions.
Visit?www.firstinsight.com?to learn more, or if you're interested in harnessing the power of First Insight's Retail Decision Platform for your business,?let's chat!